Community property law in NY state?

Question

Is there a community property law in NY state? Say, a truck is in the name of a husband in a married couple, and their was a divorce, does the truck belong solely to him?

Answer 1

New York is an "equitable distribution" state and not a community property state.

New York State is an Equitable Distribution state. The marital assets and debts of the parties (marital property) will be divided in an equitable fashion. This does not necessarily mean equal, however. What it does mean is that, based on the particular facts of the case, the assets and debts will be divided in a manner that fairly represents the parties contributions to the marriage. For example, if assets were brought into the marriage, but have appreciated in value, the marital portion (the appreciation) would be subject to equitable distribution based on what contributions were made.

In answer to your question, the truck belongs to him alone if it was his before you were married or if he purchased it with the proceeds of money inherited from his family. Otherwise, it would be marital property regardless of how it is titled.

Answer 2

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RE:
Community property law in NY state?
Is there a community property law in NY state? Say, a truck is in the name of a husband in a married couple, and their was a divorce, does the truck belong solely to him?

Answer 3

What about debts incurred while married in NY? If a husband signs a Promissory Note and then defaults, and the Note is a recourse note, what assets can the Lender go after to get paid? Can assets be protected, like having the house title only in the name of the wife?

Answer 4

it depends entirely on when the truck was purchased.

Ahhhh MARK, it won't matter whether NY is equitable distribution or community property until we know the status of the truck and whether or not it has been converted.

The court can't equitably distribute an asset outside of the marriage.